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Agenda Item
ASR
Control 12-000084 |
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MEETING DATE: |
02/07/12 |
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legal entity taking action: |
South Orange County Public Financing Authority |
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board of supervisors
district(s): |
All Districts |
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SUBMITTING
Agency/Department: |
County Executive Office (Approved) |
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Department contact
person(s): |
Colleen Clark (714) 834-5969 |
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Richard Mendoza (714) 834-3014 |
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Subject:
South Orange County Public
Financing Authority Calendar
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ceo Concur |
County
Counsel Review |
Clerk of the Board |
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Concur |
Approved Resolution to Form |
Discussion |
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3 Votes Board Majority |
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Budgeted: N/A |
Current Year Cost:
N/A |
Annual Cost:
N/A |
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Staffing Impact: No |
# of Positions:
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Sole Source:
N/A |
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Current Fiscal Year Revenue: N/A |
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Funding Source: N/A |
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Prior Board Action: N/A
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RECOMMENDED ACTION(S):
Adopt the attached Resolution of the South Orange County Public Financing Authority establishing regular meeting dates.
SUMMARY:
The County Executive Office (CEO) requests the Board of Supervisors, acting as the Board of Directors of the South Orange County Public Financing Authority (the “Board”) establish regular meeting dates which coincide with the Board of Supervisors meeting dates.
BACKGROUND INFORMATION:
On December 6, 2011, the Board of Supervisors approved in concept the current refunding of Orange County Public Financing Authority Juvenile Justice Center Facility Lease Revenue Refunding Bonds, Series 2002. It is anticipated that the refunding bonds will be issued by the South Orange County Public Financing Authority.
Effective January 1, 2010, Section 6592.1 was added to the California Government Code requiring that “A resolution authorizing bonds or any issuance of bonds or accepting the benefit of any bonds or the proceeds of bonds shall be adopted by an authority only during a regular meeting held pursuant to Section 54954.”
Currently, with the exception of an annual meeting, the Board has not established a schedule of regular meetings. By establishing regular meetings to be held on the same date as regular meetings of the County Board of Supervisors, the Authority will be able to authorize the issuance of bonds at one of several regular scheduled meetings and thus, meet the requirements of Section 6592.1 of the California Government Code.
FINANCIAL IMPACT:
N/A
STAFFING IMPACT:
N/A
EXHIBIT(S):
Resolution